10 Tips for Doing Crowdfunding Right

1. Pick a crowdfunding site that fits your project

Anymore, there are countless options for getting the cash you need to get your project started. But if you pick the wrong platform, your funding dreams may be dashed.

2. Research the platform

Having a place to collect dollars and cents isn’t enough to fulfill your dream of reaching crowdfunding success. The platform you pick needs to integrated social media functionality so that it’s easy to share and promote your project.

3. Examine fees—closely

Most crowdfunding sites ask for a percentage of your total crowd-sourced fund to keep the lights on. But that percentage can be unreasonable. Normal fees range between 6-13%—with some wiggle room. If you see a platform with fees above 20%, consider it a red flag

4. Consider the benefit to the donor/funder

Whether you’re collecting money for a charitable cause, like offering financial support for medical treatment, or pushing a profitable new idea, the guiding question should be the same: Why would the funder CHOOSE to give you money?

5. Try to bring notable investors on board—even for small amounts

Like any campaign, your goal is to get as many views and followers as possible. Consider the viral Ice Bucket Challenge—big names like Bill Gates, Oprah, Conan O’Brien, and dozens of others participated, growing the potential audience and interest a hundred-fold.

People who should listen to this show are entrepreneurs, small business owners